What would you choose; a university degree or $100K?

I’ve been reading with interest some responses to Peter Thiel’s (founder of PayPal & Facebook investor) announcement that he is to provide 24 young people with $100k to drop out of college and start their own businesses.  http://www.fastcompany.com/1755089/legendary-investor-peter-thiel-names-dream-team-of-whiz-kids

It seems that he believes that the benefits of higher education are over-hyped, that “traditional education steers young people away from entrepreneurship and into steady jobs” ref  and he’s picked an impressive team of young people to prove his theory. But therein lies the paradox.  If this group of incredibly talented, but clearly non-conformist, individuals can become the most successful entrepreneurs of tomorrow,  without finishing college, does it therefore imply that higher education holds everyone back from becoming successful entrepreneurs?

Its true that the vast majority of graduates are looking for steady employment, but that is true for the vast majority of working-age people.

A university education, and the subsequent degree, gives young people specialist knowledge and confidence in their own ability to achieve whatever they set out to achieve.  For most, that will be a steady job, but for some it will be to build the Microsoft or Amgen of the future. Maybe they will start the company from scratch, or maybe they will work their way up through the ranks to become the CEO that takes their company to the next level.

Its true that many successful entrepreneurs are non-conformists who would never have followed a conventional educational path.  These are the ones we seem to hear about the most. There seems to be an inverse snobbery about people having academic qualifications. Why is that? Is it because an academic qualification is still seen as somewhat elitist? Is it because people like to hear about those that triumph ‘against the odds’?

I’m willing to bet that for every one of these high profile, self made successes, there are many more that are successful because they worked hard to complete a degree, getting the best education that they could in order to be the best they could be. I think we should celebrate these individuals, and highlight the role that education played in their success. Maybe then we would see even more graduates go on to become successful entrepreneurs and ‘intrepreneurs’ (innovate from within an existing company).  What do you think?

Fresh ideas come from sharing experience

I’ve just come home from a great event, organised by Karen Birch of ‘Fair Comment‘, in which two young companies presented their business plans to a small panel of experienced business women. The companies, Kohl Publishing and My Health Cards, were both finalists in the Scottish Institute for Enterprise (SIE) business plan competition for students studying at Scottish Universities.

Kohl Publishing
Kohl Publishing

The concept of the event is that, by sharing a business problem openly, the collective experience of the women in the room will help to solve the problem. The panel give their time freely, and clearly have a lot to contribute.

My Health Cards
My Health Cards

In the case of these fledgling businesses, the experience allowed them to test out a range of possible directions that their business could take. It was clear that the panel relished the opportunity to put their knowledge to the test, and to come up with a wide range of new ideas for the young entrepreneurs to consider. What was particularly enjoyable about the evening was the spirit of openness and the collaborative support of the group.

Thought provoking comments
Thought provoking comments from the panel

The pace of discussion never flagged, and ideas took shape as people contributed their experience to build on each other’s comments. I left the room feeling refreshed and energised, and I am sure that the presenters will have gained some valuable ideas and insights for their businesses. Once they have had time to reflect on and evaluate the new ideas, I am sure that they will be able to use them to make their great business concepts even better.

Thank you to Karen for organising the event and for Hays Recruitment for hosting it.